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Contingent Valuation: Past, Present and Future

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  • David Hoyos
  • Petr Mariel

Abstract

This paper summarizes the long history of the contingent valuation method, stressing the important dates and events that influenced its economic applications. It reviews the economic theory of contingent valuation, highlights the related survey design, alludes to the econometrics methodology involved and discusses the validity and reliability of this method. In summary, this paper presents the state of the art of a method that has been applied in the economic valuation of natural resources for many decades.

Suggested Citation

  • David Hoyos & Petr Mariel, 2010. "Contingent Valuation: Past, Present and Future," Prague Economic Papers, Prague University of Economics and Business, vol. 2010(4), pages 329-343.
    • Handle: RePEc:prg:jnlpep:v:2010:y:2010:i:4:id:380:p:329-343
    DOI: 10.18267/j.pep.380
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    More about this item

    Keywords

    economic valuation; stated preference information;

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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